Bitcoin (BTC) Price Prediction – October 1
Bitcoin price extends the bearish leg to areas marginally below $10,500 after numerous trials to sustain gains above $10,800.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $11,300, $11,500, $11,700
Support Levels: $10,100, $9,900, $9,700
BTCUSD – Daily Chart
BTC/USD is seen falling towards $10,300 once again as the largest cryptocurrency embarked on a support smashing exercise after failing to hold above $10,800 following a significant breakout in the last few days. However, the bearish control is widespread across the market with other major digital assets posting similar losses as they trade below the 9-day and 21-day moving averages.
What is the Next Direction for Bitcoin?
At the time of writing, BTC/USD is recovering above $10,500 from the daily low of $10,427. If the bulls increase their entries, they might create more volume, in turn, pushing the market price above the next key levels at $11,300 and $11,500. It is now clear that $11,700 is the most critical level in Bitcoin’s recovery journey. Meanwhile, the recent break made a daily close above this level but intense selling pressure saw all the effort made by the buyers go into the drain with BTC spiraling towards $10,000.
According to the technical indicator RSI (14), BTC/USD is still in an area with intense support. This explains the immediate reversal above $10,400. On the other hand, a breakdown under the pattern’s support is likely to encourage more selling entries which may likely pull the BTC/USD massively below $10,000. However, losses below the moving averages could signal more retracement to levels closer to $10,100, $9,900, and $9,700 supports.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
On the 4-Hour chart, the immediate support is below the moving averages at the $10,625 level. The price may likely fall below $10,500 if the bears fully stepped back into the market.
However, a further bearish movement could test the critical support at the $10,400 level and below while the resistance is located above the moving averages at the $10,800 and above. Technically, Bitcoin is currently moving sideways while the RSI (14) moves around 42-level.
Author: Azeez Mustapha